B) Consider a Cournot duopoly with the following inverse demand function: P = 450 – 5Q1 - 5Q2. The firms' marginal costs are identical and are given by MCj(Q¡) = 5Qi. Based on this information, firm 1 and 2's marginal revenue functions are Multiple Choice MR1(Q1,Q2) = 450 – 5Q1 – 10Q2 and MR2(Q1,Q2) = 450 – 10Q1 – 5Q2. MR1(Q1,Q2) = 225 – 10Q1 and MR2(Q1,Q2) = 225 - 10Q2. MR1(Q1,Q2) = 450 – 10Q1 – 10Q2 and MR2(Q1,Q2) = 450 – 10Q1 – 10Q2. - %3D MR1(Q1,Q2) = 450 – 10Q1 – 5Q2 and MR2(Q1,Q2) = 450 – 5Q1 – 10Q2. %3D

B) Consider a Cournot duopoly with the following inverse demand function: P = 450 – 5Q1 - 5Q2. The firms' marginal costs are identical and are given by MCj(Q¡) = 5Qi. Based on this information, firm 1 and 2's marginal revenue functions are Multiple Choice MR1(Q1,Q2) = 450 – 5Q1 – 10Q2 and MR2(Q1,Q2) = 450 – 10Q1 – 5Q2. MR1(Q1,Q2) = 225 – 10Q1 and MR2(Q1,Q2) = 225 - 10Q2. MR1(Q1,Q2) = 450 – 10Q1 – 10Q2 and MR2(Q1,Q2) = 450 – 10Q1 – 10Q2. - %3D MR1(Q1,Q2) = 450 – 10Q1 – 5Q2 and MR2(Q1,Q2) = 450 – 5Q1 – 10Q2. %3D

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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